Often an estate plan can last for a long time. If you put one in place when your children are young and the laws don’t change in a big way, you may be set for a while. But when you become an empty nester, it may be time for a new plan. Plan changes are triggered by life-changing events including:
- A young married couple may only want a Will to name a guardian for young children. When the children are in their twenties and thirties, the guardian won’t be needed but maybe planning for care of an elderly parent will be.
- If you win the lottery or file for bankruptcy, you may want to revisit your plans.
- Those on the doorstep of being “seniors” have a new perspective, and their health care needs and Medicaid planning may come into play.
- A divorce, re-marriage or other major life change will cause a change in plans.
It is never too early to do estate planning, but it can become too late. Put in a plan for yourself that implements your goals and know that the plan can be changed if your needs change. If you are ready to start making plans for the future or need to revisit old ones, look no further than the experienced professionals at Susan G. Parker Law Associates, P.C. Visit our website to learn more!